Please help solve for (b) what is long run cost in a? 1) Suppose the wage is $12 and the cost of capital is $3, andwe have the following production function: Q=L®³K05a) Find your cost minimizing level of K and L if Q=10.b) What is your long run cost in a?

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Answered: 0.5 Q=L³K

Business

Economics

0.5 Q=L³K

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 21PAE

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